There is no way Obama can spin or fast-talk his way out of this one. Nor can he blame it on Bush as this is happening months into Obama’s presidency. Chrysler has just gone bankrupt and GM is not far behind. An AFP article reports “Chrysler was forced into bankruptcy protection Thursday… Chrysler said most of its plants will be ‘temporarily’ idled until the transaction is complete… Senior US officials said the company, founded in 1919 by Walter Chrysler, was forced to file for bankruptcy protection after major creditors balked at a deal to reduce 6.9 billion dollars in debt.”
A recent news article reports “General Motors Corp. is planning to temporarily close most of its U.S. factories for up to nine weeks this summer because of slumping sales and growing inventories of unsold vehicles, two people briefed on the plan said Wednesday. The exact dates of the closures are not known, but both people said they will occur around the normal two-week shutdown in July to change from one model year to the next. Neither person wanted to be identified because workers have not been told of the shutdowns.”
So the workers and their families get to hear about their company swirling around the bowl on the evening news. Perhaps the whole family will see the news story on the TV together and find out Daddy won’t have a job this summer. Unbelievable!
The article goes on: “One of the people briefed on the plan said a few plants that make more popular models could remain open for part of the shutdown period, but at reduced assembly line speeds. Thousands of workers could be laid off but would still get most of their pay because their United Auto Workers union contract requires the company to make up much of the difference between state unemployment benefits and their wages.”
Bear in mind that these are some of the last living-wage blue-collar manufacturing jobs in America. When the auto industry goes, that’s essentially it. The last significant remnant of America’s heavy industry is gone. Most of the steel industry was packed off to Asia a long time ago.
The article continues “GM is living on $13.4 billion in government loans and faces a June 1 deadline to cut its debt, reduce labor costs and take other restructuring steps. If it doesn’t meet the deadline, the company’s CEO has said it will enter Chapter 11 bankruptcy protection.”
I think we can all see where this is going. GM will almost certainly follow Chrysler into bankruptcy. The economy is too far gone. Consumers are deathly afraid of losing their jobs and they won’t buy new American cars –most of which have $20,000 or higher price tags. Years of out-sourcing and the still-growing minority subprime disaster have devasted the US economy like two torpedoes going into the side of a rusty freighter. Obama, being a Marxist, does not care about keeping the Big Three car companies in business (or should I say Big Two car companies since Chrysler just went bankrupt). There is a certain karmic justice to all this. The American public elected their first Third World president and we’ll soon have a matching Third World economy.
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